NWA Gets Creditor Backing For Chapter 11 Exit Strategy

Northwest Airlines today said its creditors showed support for its reorganization plan to exit bankruptcy court protection, with nearly 97 percent of creditors approving the plan in a preliminary vote.

CEO Doug Steenland said the vote is yet another step toward the carrier's "plan to complete its restructuring next month and to move forward as a strong, fully competitive airline." Northwest said a confirmation hearing is scheduled to begin May 16.